Bidding war for Obamas’ memoirs is over: Guess how much they’re getting

Bidding war for Obamas’ memoirs is over: Guess how much they’re getting

Penguin Random House has prevailed in a bidding war for a pair of books by Barack and Michelle Obama.

The books will not come out this year. They are likely to be released in 2018, but there are no official publication dates yet.

The publishing house announced the book deal on Tuesday night. CEO Markus Dohle said it would work with the former first couple to “make each of their books global publishing events of unprecedented scope and significance.”

The announcement came a few hours after the Financial Times reported that auction between several prominent book publishers had surpassed the $60 million mark.

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According to the publishers announcement, the Obamas “plan to donate a significant portion of their author proceeds to charity, including the Obama Foundation.”

Additionally, Penguin Random House will donate one million books “in the Obama family’s name.”

The pair of Obama books will be published separately, but publishing houses vied for the rights to the books together.

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